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Home My WebLink About0600 . . , . , . ADJUSTABLE RATE R,IDER 23379306 (INTEBEST RATE LIMITS) THiti ADJUS'TABLE RA7'E: HIUER ~s made thi~9TH day of January 1990 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of 7Yust, or Security Deed, (the "Security Instrument") of the same date given by the undersigned (the "Borrorwer") to secure Horrower's Adjustable Rate Note (the "Note") to HARBOR FEDERALSAVINGSAND LOAN AS.SOCIATION (the "Ixnder") of the same date and co~~ering the propeny de.scribed in the Security Instrument and located at: NOA STREET, FORT PIERCE, FL. 34982 ( F'roperty Address ) . ~ The Note contains provisions allowing for changes in the interest rate. it the ' interest rate increases, the Bor~ower's monthly payments will be higher. It the ` interest rate decreases, the Bonower's monthly payments wlll be lowe~. ADDITIONAL COVENANTS. In addition to the covenant and agreemencs made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INT'EREST RATE AND MONTHLY PAYMENT C~1GES The Note provides for an initial interest rate of 8' Section 4 of the No[e provides for changes in the interest rate and the monthly payments, as follows: 4. !Iv"I'ERES'f RATE AIVD MONTHLY PAYMEh"f CNANGES (A) Change Datee The interest rat~ I~i~Lpay may change on the first day of February ,1991 , and on that day of the month every months thereafter. Each date on which my interest rate could change is called a "Change Date'. ~ (B) 'Rie Index i Beginning with the first ChanKe Date, my interest rate w-ill be based on an "Index". The Index is the weekly average yield on United States 'IYeasury securities ac~justed to a constant maturity of oNE years, as made a«ilable by the Federal Reserve Board. 'It~e most recent Index figure available as of 45 days before each Change i Date is called the "Current Index". j If the Index is no longer available, the Note Holder will choose a new Index which is based upon comparable f information. 'It~e Ivote Holder K1?l give me notice of its choice. ~ (C) Calcnladon of Changes ~ ~ Before each Change Date, the ;vote Hulder will calculate my new interest rate by adding TWO AND 750/1000 ~ percentage points ( 2.750 to the Current Index. 'Ilie Note Holder will then round the result of this ~ addition to the nearest one-eighth of one percentage point (0.125~~). Subject to the limits stated in Section 4(D) { below, this rounded amount wilt be my new interest rate uniil the next Change Date. ~ The Note Holder will then determine the amount of the montly payment that would be sufticient to repay the { unpaid prinripal that I am expected to owe at the Change Date in full on the maturity date at my new interest ~ rate in substantially equal payments. The result of this calculation plus any required monthly escrow for taxes i and insurance will be the new amount of my monthly payment. (D) limiUs on Interest Rate Changes ; 'I1~e rate of interest I am required to payshall never be increased or decrea~:ed on anysingle Change Date by ' morP than TWO percentaKe points ( 2.000 from the rate of interest I ha~~e i been payinq for the preceedin~ TwELVE monihs. My interest rate also shaU never increase more ~ than SiX percenta~e points ( 6.000 from the interest rate ~ established in f'araRraph A of this instrument. bty interest rate shall never decrea.se below the interst rate estab- lished in {'aragraph A of this instrument. ~ ~ (E) Ellectiv~e Date of Gfianges ° My new interest rate will become effecti~~e on each Change Date. I will pay the amount of my new monthly ~ payment beginning on the Crst monthly payment date after the Change Date until the amount of my [nonthly , payment changes again. ~ (F) Notice oi Changee ~ Tlie Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise me of: ~ ~ (i) the new interest rate on my loan a.s of the Change Date: f~~ ) the amount of my monthly payment foilowing the Change Date; ( iii 1 Any additional matters which the Note Holder is required to disclose; and (i~ ) the title and telephone number of a person who wiU answer any question I may have regarding the notice. IN WITNESS WHEREOF.Borrower ha8 executed thls ADJUSTABLE RA1'E Rider. : ~ '90 JAN 22 P 4 :1 ~ ~ ~ ~ 10 Z 0 5 5 8 g'~ FFERY A PEDERSON ° ,iou~;~ c ~ 7: G;: ~ . ~s~~t~ ~ , ~ , . ARBARA T.. PEDERSON . (Seal) (9i9n O?'i9i na I On l y) aooK~7~ PACE 6~3o LN +?t4AMI~NC ~ _ ~,~-u -